Nearly a quarter of a million current account switches took place during the last three months of 2021, as the number of customers ditching their bank to move elsewhere and gain some extra cash accelerated.
Some 248,902 accounts were switched between October and December and within the latest total, some 94,822 took place in October, marking the busiest month since the UK coronavirus lockdowns started in March 2020. The figures were released by the Current Account Switch Service (Cass), which said 7.8 million moves have been processed since the service launched in 2013.
The scheme automatically moves payments over from someone’s old account to their new one to help the process go smoothly, and a guarantee promises that customers will not be left out of pocket if something goes wrong with the switch.
At a time when energy prices are set to rise by nearly £700 from April, if you're not loyal to your current bank and keen to make some extra money, this could be a smart option.
David Piper, head of service lines at Pay.UK, owner and operator of Cass, said: “Performance and usage of the Current Account Switch Service remained strong in the final months of 2021, with thousands continuing to benefit even in the face of the growing challenges presented by the emergence of the Covid-19 Omicron variant.
“We also saw digital-first participants continuing to attract new customers as many seek current account providers with high-quality online tools, such as mobile apps.”
Current bank switching deals
In a sign of competition ramping up, some banks have launched new “cash to switch” offers this week, including a £150 offers from First Direct and NatWest, plus £140 from Santander.
- NatWest : £150 free cash plus £3 month cashback
- First Direct: £150 free cash plus top customer service
- Santander: £140 free cash plus 1-3% cashback on bills
- Nationwide: Up to £125 free cash
For more details on the switching offers, including minimum monthly pay-ins, eligibility and other offers, read the full terms and conditions on the MoneySavingExpert.com website here.
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